Financing in Mableton>Question Details

Lynn Hart, Home Buyer in Powder Springs, GA

I found a home i really like but my lease in my rental home is expiring in Novemeber, How long can you extend a closing date. It will be conventional

Asked by Lynn Hart, Powder Springs, GA Sat Aug 13, 2011

dI found a home I am going to look at next weekend and if I really like it how long can a closing date be extended. The earlyist I could move out would be the middle of November. I know closings usually take about 30 days if it is a conventional mortgage. That is the way I will be going. I have seen this home on the internet and it is lovley. I thought my lease in my rental home expired in October but it was informed to me Novmember 30. Could you tell me what do people do in this situation. I can get out of my lease as far as the early termination but we will have to pay a 1250.00 administration fee.

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Rodney's right, close in October, pay rent in November, pay mortgage in December. Get a Realtor. It's like entering a courtroom for murder without an attorney. Realtor's for the most part don't cost you, the seller pays their fee. It wouldn't be a bad thing either, if you offered to use your car and gas or offer money for gas. They will check the condition of the property, availability, negotiate closing dates, prices, costs paid by seller etc. You can, even with bank owned properties, request a 60 day closing date. They'll be happy just to have a qualified buyer. My company actually buys houses for people as a bridge loan. We then sell it to the buyer. This is used in cases of impatient sellers with buyers who don't want to lose the property. We also do this to allow people to pay cash on the property for more leverage. Yes, there is a fee.
0 votes Thank Flag Link Sat Aug 13, 2011
I agree with Bob. By the nature of your question, it sounds like you don't have an agent. You saw it on the internet? Have you seen the actual home in person? How do you know that home is even for sale today. Just because it's on the internet doesn't mean it's not under contract or already sold. My advice is the same as Bob's. Hire an agent to represent you and answer all these questions and more. Good luck.
0 votes Thank Flag Link Sat Aug 13, 2011
Hi Lynn,

Half of the answer you have already answered and that is what will your current landlord allow.

As far as the seller, it depends.

If the home you like is a bank owned foreclosure then they very highly unlikely that they will wait. On the other hand if it is still a private individual owner then it possibly could be negotiated. It may also be possible to get them to pay that $1250 to your landlord.

You need an agent to help you through the process. DO NOT use the listing agent! I'll be glad to help if you like and I'm sure thatseveral other agents will chime in here and offer to help as well.
0 votes Thank Flag Link Sat Aug 13, 2011
it really all depends on the seller. If the property is a foreclosure, they typcially will require that the closing date be no longer than 30-45 days from the contract acceptance date. For properties owned by a regular seller, you would have more negotiating opportunity there.

Just remember that if you close in October, your first mortgage payment would not be due until December 1st. Rather than paying an early termnation fee of $1,250, it would probably make more sense to just pay the regular rent for November unless your rent is more than that amount.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
0 votes Thank Flag Link Sat Aug 13, 2011
That would be the 21st or so, figure a week to get accepted takes you to Sept. 1st.
Have your Realtor put a Closing Date on the Escrow of Nov. 12th (which would be a 72 day Escrow.
They will spend a week arguing about it, and it'll be a 66 day Escrow.
Ask for 30 days for Loan and Appraisal Contingencies to reinforce the last Escrow.

If you're going to push on this, do not push on other details, like price.
0 votes Thank Flag Link Sat Aug 13, 2011
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